joining us is the former budget director for the obama administration. vice chairman at citigroup, a veteran of these negotiations, thank you for being here on a friday night. >> good to be with you. >> peter, you have been in a lot of these negotiations. you have been in their rhythms and seen how they go. what's your take? >> i think as you pointed out, it's still early. it's december 7th. both sides would be complaining if there was an agreement in place. but you can see the pieces coming together on the fiscal cliff some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not clear that the republicans will agree to including a debt limit increase in that kind of package and if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the obama administration has been clear they will not sign anything. even to get past december 31st. so do you think they can hold firm on tha